The Bank of Ghana offers the highest US dollar buying rate at 10.24 cedis, outperforming commercial banks that pay between 9.50 and 10.12 cedis, according to market analysis.
Conversely, Universal Merchant Bank (UMB) charges the highest selling rate at 10.85 cedis per dollar, while the central bank maintains the lowest selling rate at 10.26 cedis.
Commercial banks’ selling rates typically range from 10.40 to 10.80 cedis—a near 60-pesewa differential impacting transaction costs. Midrates, averaging buy-sell prices, span 10.04 cedis (OmniBSIC) to 10.32 cedis (CBG), reflecting market positioning.
Rate variations stem from divergent reserve management strategies and liquidity approaches. “Banks balance profitability against market share in forex operations,” notes The High Street Journal’s analysis. The central bank’s dual position as highest buyer and lowest seller underscores its market influence.
This competitive landscape highlights tactical considerations for Ghanaian businesses and individuals: higher buying rates maximize cedi returns when selling dollars, while lower selling rates reduce acquisition costs. Commercial banks fill the spectrum between these benchmarks, offering varied options without a single dominant player.
Ghana’s forex market fragmentation reflects evolving currency management approaches amid persistent cedi volatility.
Check the list below for detailed buying, selling, and mid rates across banks.
| Bank | Buying Rate | Selling Rate | Mid Rate |
|---|---|---|---|
| Bank of Ghana | 10.24 | 10.26 | 10.25 |
| CBG | 10.12 | 10.52 | 10.32 |
| First National | 9.98 | 10.42 | 10.20 |
| GCB | 10.10 | 10.40 | 10.25 |
| First Atlantic | 9.60 | 10.37 | 9.99 |
| SG | 9.85 | 10.70 | 10.28 |
| StanChart | 9.75 | 10.65 | 10.20 |
| NIB | 9.60 | 10.63 | 10.12 |
| Absa | 9.80 | 10.60 | 10.20 |
| CalBank | 9.50 | 10.60 | 10.05 |
| Bank of Africa | 9.65 | 10.59 | 10.12 |
| OmniBSIC | 9.51 | 10.56 | 10.04 |
| UBA | 9.65 | 10.55 | 10.10 |
| GTBank | 9.70 | 10.55 | 10.13 |
| Prudential Bank | 9.70 | 10.55 | 10.13 |
| UMB | 9.50 | 10.85 | 10.18 |
| Stanbic | 9.60 | 10.80 | 10.20 |
| FirstBank | 9.70 | 10.80 | 10.25 |
| Republic | 9.70 | 10.76 | 10.23 |
| Ecobank | 9.55 | 10.75 | 10.15 |
| Zenith | 9.50 | 10.72 | 10.11 |
| Fidelity | 9.70 | 10.70 | 10.20 |
| Access | 9.80 | 10.70 | 10.25 |
| ADB | 9.90 | 10.70 | 10.30 |
Data sourced from Cedirates.com
